3911 SE 28th Pl · Portland, OR 97202

$1,395,000

24 bd · 28.0 ba · — sqft · MultiFamily · 83 Days on market

Built 1910 5,227 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.8/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Creston-Kenilworth 6-unit multifamily totaling 5,521 SF across three vintage buildings on two tax lots. Unit mix includes a 3-bed home, 1-bed home, and four-plex with two studios and two 1 bed/1bath. Recent interior updates and roof on the 4-plex in 2023. Current gross scheduled income is $130,860 per year with upside as units are pushed to market rents. Showing only with an accepted offer to purchase. Please do not disturb the residents. Built 1910 & 1915. Member(s) of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

Key facts

• 5,227 sq ft lot
• Built 1910
• Listed 83 days

Property features AI

Finance

• Other: Total of 6 units; Parcel numbers R195567 and R195568; Lot roughly 5,227 sq ft (about 0.12 acres)

Exterior

• Utilities: Public water; Public sewer; Electric fuel
• Home design: Multi-family property; Not attached; Built in 1910; Zoned R2.5; Address: 3911 SE 28th Pl, Portland, OR 97202
• Construction: Year built 1910
• Exterior features: Other exterior description

Interior

• Kitchen: Hot water provided by electricity/other
• Bedrooms: Two 1-bedroom units; Three 1-bedroom units; One 3-bedroom unit (total counts by unit type)
• Bathrooms: Two 1-bath units; Three 1-bath units; One 2-bath unit (total counts by unit type)
• Heating & cooling: Other heating (no central heating listed); No cooling listed
• Interior features: No listed central heating or cooling
• Laundry & utility: Hot water: Electricity/Other

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/7.0-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $-119 ($-1k/yr) — negative. Per door: $-30/mo.
• To cash-flow at today's rent, offer at most $1.38M (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.21M (13.6% below list).
• Recommended offer: $1.21M (13.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.2% in Portland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grout Elementary School (316 students, 70% FRL); Hosford Middle School (566 students, 27% FRL); Cleveland High School (1,547 students, 17% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: Rents rising (+1.9%/yr); 224 active listings in the ZIP; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $12,052/mo this rent would consume 138% of the median local household income ($105k/yr) (locally 2455% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($1.31M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,205,200 (13.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.37×
• Total profit: $-247,146
• Equity at exit: $207,999

10-year hold

• IRR: -12.8%
• Equity multiple: 0.29×
• Total profit: $-279,086
• Equity at exit: $120,614

Cash invested: $390,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97202

• Rents YoY: 1.9%
• Active inventory: 224
• Price-to-rent: 38.6×

Monthly cashflow live

• Estimated rent: $12,052 medium
• Mortgage (P&I): −$7,316
• Tax est. 1.5%: −$1,744 /mo · $20,925/yr
• Insurance: −$581
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,531
• Net cashflow: $-119

Break-even live

Break-even rent $12,203

Max offer price $1,377,715

Occupancy floor 96%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	6	7	$12,052
Total (4 units)			$12,052

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $348,750
• Closing costs: $41,850
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-29
   status Pending
2. 2026-02-05
   listed $1,395,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $144,624
• − Mortgage interest: −$78,142
• − Property taxes: −$20,925
• − Insurance: −$6,975
• − Repairs & maintenance: −$11,570
• − Management: −$11,570
• − Depreciation: −$40,582
• Taxable loss: −$25,139
• Est. tax savings @ 24.0%: +$6,033
• After-tax cash flow: $4,600/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A Housing B+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 43,533
• Household income: $104,971
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 2455.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 9% Hispanic / Latino 8% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 6% Romanian 4% Portuguese 4%
• Foreign-born: 6% · Canada, China, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -811.57%
• Current HPI: 312.7571
• Rent YoY: ▲ 1.86%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

2 events — show timeline

• 2026-04-29 Pending — RMLS
• 2026-02-05 Listed $1,395,000 RMLS